Relay Therapeutics, Inc. (NASDAQ:RLAY) Given Consensus Rating of “Buy” by Brokerages

Shares of Relay Therapeutics, Inc. (NASDAQ:RLAY) have been assigned an average rating of “Buy” from the seven analysts that are presently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $21.80.

Several equities analysts recently weighed in on the stock. JMP Securities cut their price objective on shares of Relay Therapeutics from $24.00 to $21.00 and set a “market outperform” rating on the stock in a report on Thursday, July 18th. Oppenheimer reiterated an “outperform” rating and issued a $25.00 price target (down previously from $33.00) on shares of Relay Therapeutics in a research note on Monday, May 6th. Barclays upgraded shares of Relay Therapeutics from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a research note on Friday, May 10th. Finally, HC Wainwright lowered their price target on shares of Relay Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th.

Relay Therapeutics Stock Down 5.8 %

NASDAQ RLAY opened at $8.93 on Friday. The stock has a market cap of $1.19 billion, a P/E ratio of -3.38 and a beta of 1.66. Relay Therapeutics has a twelve month low of $5.70 and a twelve month high of $12.63. The company’s 50-day simple moving average is $7.24 and its 200 day simple moving average is $8.12.

Relay Therapeutics (NASDAQ:RLAY) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.62) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.08. The firm had revenue of $10.01 million during the quarter, compared to analyst estimates of $0.12 million. During the same quarter last year, the firm earned ($0.78) earnings per share. Relay Therapeutics’s quarterly revenue was up 4327.9% on a year-over-year basis. Research analysts anticipate that Relay Therapeutics will post -2.81 earnings per share for the current year.

Insider Buying and Selling

In other Relay Therapeutics news, insider Peter Rahmer sold 20,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $7.06, for a total value of $144,377.00. Following the completion of the transaction, the insider now directly owns 432,425 shares in the company, valued at approximately $3,052,920.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Thomas Catinazzo sold 9,373 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $6.24, for a total transaction of $58,487.52. Following the transaction, the chief financial officer now directly owns 330,430 shares of the company’s stock, valued at $2,061,883.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Rahmer sold 20,450 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $7.06, for a total transaction of $144,377.00. Following the transaction, the insider now owns 432,425 shares in the company, valued at approximately $3,052,920.50. The disclosure for this sale can be found here. Insiders sold a total of 53,375 shares of company stock worth $354,836 in the last three months. 4.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RLAY. New York State Common Retirement Fund raised its holdings in shares of Relay Therapeutics by 3.2% in the fourth quarter. New York State Common Retirement Fund now owns 36,678 shares of the company’s stock valued at $404,000 after purchasing an additional 1,127 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Relay Therapeutics by 5.7% in the fourth quarter. Handelsbanken Fonder AB now owns 29,500 shares of the company’s stock valued at $325,000 after acquiring an additional 1,600 shares during the period. American International Group Inc. lifted its position in Relay Therapeutics by 4.0% during the first quarter. American International Group Inc. now owns 46,686 shares of the company’s stock valued at $387,000 after purchasing an additional 1,810 shares during the last quarter. Congress Asset Management Co. MA lifted its position in Relay Therapeutics by 1.4% during the first quarter. Congress Asset Management Co. MA now owns 149,082 shares of the company’s stock valued at $1,237,000 after purchasing an additional 2,108 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in shares of Relay Therapeutics by 25.7% during the first quarter. Los Angeles Capital Management LLC now owns 13,939 shares of the company’s stock worth $116,000 after acquiring an additional 2,850 shares in the last quarter. Institutional investors and hedge funds own 96.98% of the company’s stock.

About Relay Therapeutics

Relay Therapeutics, Inc operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered solid tumors; RLY-2608, a lead mutant-PI3Ka inhibitor program that targets phosphoinostide 3 kinase alpha; and Migoprotafib (GDC-1971), an oral, small molecule, potent and selective inhibitor of the protein tyrosine phosphatase SHP2 that binds and stabilizes Src homology region 2 domain-containing phosphatase-2 (SHP2) as a monotherapy in patients with advanced or metastatic solid tumors.